Canada-based cannabis retailer High Tide is stepping back from its deal with Purecan GmbH to enter Germany’s medical marijuana market.
The Calgary, Alberta-headquartered company planned to acquire a 51% interest in Purecan in a cash-and-stock deal for 4.8 million euros ($4.9 million) but, after conducting its due diligence, is now reconsidering what the best deal structure is.
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Although High Tide said it is exploring alternative arrangements with Purecan, there is no guarantee that a deal between the two companies will move forward, according to a Tuesday news release.
High Tide’s proposed acquisition, announced Jan. 13, would have included Purecan’s:
European wholesale and import license. Warehousing and logistics infrastructure. Telemedicine platform.
Frankfurt-based Purecan is a profitable cannabis importer in Germany.
High
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